FM provides exposure to frontier and, to a lesser extent, emerging markets. The fund invests in equities and/or depositary receipts issued by companies economically tied to frontier and emerging countries. Though actively managed, the fund utilizes the MSCI Frontier and Emerging Markets Select Index as its benchmark for defining the investable universe. The fund stretches across all market-caps but selects the lower spectrum for emerging countries. The portfolio is constructed using optimization techniques relative to the benchmark while taking into account regulatory requirements, market limitations, and repatriation restrictions. The fund may hold derivative instruments at the advisers discretion. Prior to March 1, 2021, the fund was called iShares MSCI Frontier 100 ETF and tracked the MSCI Frontier Markets 100 Index. On June 1, 2023, the fund went from tracking the MSCI Frontier and Emerging Markets Select Index to being actively managed, dropping the MSCI reference on its name.